The recording of business transactions is a basic and fundamental component of financial reporting and is known as<u> bookkeeping.</u>
<h3>What is Bookkeeping?</h3>
Bookkeeping is the process of recording financial transactions. It entails preparing reference papers for all company transactions, activities, and other occurrences.
The primary goal of bookkeeping is to maintain a comprehensive and precise record of all operations and transactions in a methodical, ordered, and logical way. This guarantees that the financial consequences of these activities are accounted for in the accounting books.
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<span>The extent to which an innovation can
be imitated by competitors depends on the luxury wherein the machinery can be understood
and recreate. This action does not offer enduring barriers, on the other hand it
gives the visionary more time. This refers to Tacitness and Complexity of
Knowledge</span>
The first thing that Caroline should do is: disclose the violation in accordance with policy to the appropriate person in her firm.
<h3> AICPA interpretation</h3>
Based on the scenario she should disclose the violation in accordance with policy to the right person.
Which is why AICPA code of professional conduct was created so as to ensure that accountant or professional accountant comply with independence rule.
Therefore she should disclose the violation.
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<span>Ctrl+End
Although this is actually a shortcut method in excel for accomplishing the task in the above named question, there is no other direct methods for selecting the last set of data one is working with in Microsoft excel.</span>
Answer:
1) October 1 2015, Cash $39.2million Dr
Notes Payable $39.2million Cr
2) December 31, 2015 Interest expense $0.784million Dr
Interest Payable $0.784million Cr
3) September 30, 2016 Notes Payable $39.2million Dr
Interest Payable $0.784million Dr
Interest Expense $2.352million Dr
Cash $42.336million Cr
Explanation:
1.
When note is issued, liability is credit by the notes value and cash is credited.
2.
The adjusting entry is prepared 3 months after the note is issued so the 3 month's interest on note relates to 2015 and it should be recorded as expense and as it is payable at maturity so interest payable is credited.
3 month interest = 39.2 * 0.08 * 3/12 = 0.784million
3.
The note and interest will be payable that was accrued along with the remaining 9 months interest. Total interest is 39.2 * 0.08 = 3.136million
